Banking
Ecobank Nigeria Expands Agency Banking Locations to 35,000
By Modupe Gbadeyanka
One lender deepening the financial inclusion drive of the Central Bank of Nigeria (CBN) is no doubt Ecobank Nigeria Limited.
Within three months, the financial institution has expanded its agency banking locations across the nation by 5,000, hitting 35,000 places, according to its Managing Director, Mr Patrick Akinwuntan.
The bank has been able to achieve this feat by putting in place different initiatives, including rewarding its customers and its Xpress Point agents.
“We celebrate our customers for banking with us. They are the reason why we are in business. We are giving them the opportunity to grow their businesses by providing them with convenient banking services.
“We are bringing banking services to every neighbourhood through Xpress points, our agency banking platforms where we presently have close to 35,000 locations across the country. The idea is to support agriculture, real sector activities at the grassroots level.
“We are also supporting family values to promote cohesion and preserve culture. We are supporting our customers to realize their potentials for instance we are reaching out to women through Ellevate, which provides favourable terms for women businesses, and generally, as a pan African bank, we are connecting Africa businesses to the world,” the banker said.
Recently, Ecobank rewarded its customers through the Super Reward Scheme, which is aimed to deepen savings amongst Nigerians, reward and assist customers’ businesses.
Four winners grabbed the star prizes and were N1 million.
The winners were Tsoho Alaye, with an Ecobank Microfinance Special Account representing FCT/Northern Region; Badero Modupe Olufunmilayo, with a Personal Flexi Account, representing Lagos Region; Omiwole Damilare Daniel, with an Ecobank Microfinance Special Account, representing Midwest and South West Region; and Hayford Gogo Lawson, with a Personal Savings Account, representing South-East and South-South.
Mr Akinwuntan, while congratulating the winners as well as the customers who participated in the rewards programme, disclosed that the bank was coming out with several other initiatives such as the Lion’s Den, an SME focused television series to air on DSTV which will afford young entrepreneurs the opportunity to showcase their business potentials that will create new Bill Gates, Dangotes out of Nigeria.
Earlier in her welcome address, Head, Consumer Banking, Mrs Korede Demola-Adeniyi, who congratulated the winners, said the bank initiated the Super Reward Scheme to appreciate its customers, explaining that it was designed in such a way that new and existing customers participated and won cash prizes.
She said, “50 customers with the highest deposit were rewarded with N25,000 every week while four customers with the highest deposit and transaction value within the campaign duration are today going home with N1 million naira each”.
To qualify, according to Mrs Korede Demola-Adeniyi, new customers were expected to open an account with a minimum of N5,000 and maintain the deposit for a 30-day period; the same applied to existing customers, who only needed to fund their active account with a minimum of N5,000 or reactivate their dormant account with a minimum of N5,000 and maintain the deposit for a 30-day period.
She added that at the end of the four months campaign, 800 customers won N25,000 weekly in batches of 50 per week while four millionaires emerged in each of the four delineated regions.
Se enjoined those that are yet to open an account with the bank to do so to enjoy its state-of-the-art digital payments and collections platforms, including its products and services.
One of the winners, Badero Modupe Olufunmilayo, said she was attracted to Ecobank because of its network advantage and excellent service delivery. She promised to be an ambassador of the bank.
On his part, Tsoho Alaye, appreciated the bank’s management for a track record of rewarding customers, affirming that he would continue to do business with the bank and implored every Nigerian who is yet to open an account with the bank to do so to enjoy its seamless service delivery.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
By Modupe Gbadeyanka
The Banker Magazine of the Financial Times Group in the United Kingdom has announced Zenith Bank Plc as Bank of the Year, Nigeria.
At the Banker’s Bank of the Year Awards 2024 held on in London on Wednesday, December 4, 2024, it was stated that Nigerian lender clinched the award for its strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.
The chief executive of Zenith Bank, Ms Adaora Umeoji, described the recognition as a “testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.”
She said, “It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy.”
“We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s Number One Bank,” Ms Umeoji assured.
The Banker’s Bank of the Year accolade is among the most coveted and widely regarded award in the banking industry.
Often contested by the world’s leading financial institutions, the winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.
Recall that last month, Zenith Bank commissioned its branch in Paris, France following the granting of the final approval by the country’s banking regulator, the Autorité de ContrôlePrudentiel et de Résolution (ACPR).
This is part of the bank’s global expansion strategy, and its commitment to serving clients wherever their businesses are around the world.
Zenith Bank has continued to earn numerous awards, with this latest accolade coming on the heels of several recognitions, including being the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has published some phone numbers citizens can call to report any bank that fails to give them cash over-the-counter or at Automated Teller Machines (ATMs).
In a circular, the banking sector regulator said cash has been made available to lenders to disburse to their customers, saying they have no reason to do so.
DMBs are directed to ensure efficient cash disbursement to customers OTC and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance,” a part of a circular signed by acting Director of Currency Operations, Solaja Mohammed Olayemi; and the acting Director for Branch Operations, Isa-Olatinwo Aisha, stated.
It encouraged members of the public who are unable to obtain cash at their banks to “report these instances using the designated reporting channels and format provided,” saying it will “assist the CBN in addressing issues hindering the availability of cash and further improve currency circulation.”
They are to reach the central bank through designated phone numbers of the CBN branch in the state where the incident occurred or via email.
According to the circular, the complaints should be sent with “the relevant details which shall include account name/name of the DMB/amount/time and date of incidents, amongst others.”
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